(i) owned by a resident of New York state and standing the entire stud season in New York state, or

(ii) owned by a resident of a state other than New York but standing the entire stud season in this state and leased by a resident of this state for a term of not less than one year, or

(iii) owned jointly by a resident of a state other than New York together with a resident of this state and standing the entire stud season in this state and leased by a resident of this state for a term of not less than one year.

(1) Starting fees in such colt and filly stake events shall not be less than two percent of the amount of the purse therefor and shall be added to purses to be distributed as hereinafter provided.

(2) Purses, stakes or prizes shall be paid to the winners, second, third, fourth and fifth place horses in the aforesaid colt and filly and horse stake events, in amounts determined by the fund. Purses and prizes shall be paid to the winners, second, third, fourth and fifth place horses in overnight events, in amounts to be determined by the harness track licensees. 2. The fund is further authorized and directed in each year, in cooperation with each licensee harness track in this state, to provide for the running of stake events conditioned to admit only two year old and three year old colts and fillies dropped from a mare bred in this state and sired by a stallion owned or leased and permanently standing for service at and within this state at the time of the said foal's conception, at each gait of trotting and pacing, to be known as "New York sire stakes" and to contribute to the purses, stakes or prizes to be awarded in such "New York sire stakes", such sums as the fund shall deem advisable. The fund may prescribe a starting fee for such "New York-bred harness horse stakes" but in no event shall such fee be less than two per centum of the estimated purse for each entry. The fee prescribed shall be added to the purses awarded. 3. Subsequent to the year two thousand fourteen a foal shall be eligible for the "New York sire stakes" if conceived from a mare bred in the state and sired by a stallion owned by a resident of this state or leased to a resident of this state for a period of no less than one year and standing for service within the state at the time of the foal's conception. 4. The fund shall have the power to prescribe rules and regulations to determine the eligibility of entries in "New York-bred harness horse races" and to effectuate the purposes and requirements set forth in this section.